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Geth V1.8.20 Reveals Constantinople Activation Time. Ethereum Retests $90 Handle

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  • Thomas Hughes
    📈 Price Predictions

    ETH/USD couldn’t sustain higher prices above the bullish trend line and returned below it, trading mostly sideways, with a 0.30% drop for the last 24 hours

Geth V1.8.20 Reveals Constantinople Activation Time. Ethereum Retests $90 Handle
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Go-Ethereum (Geth), which is Ethereum’s most used software client, has just updated to version 1.8.20 and revealed that the Constantinople hard fork will happen at block number 7,080,000, which means it could go live sometime between Jan. 14 and Jan. 18, 2019.

Constantinople is a proposed upgrade that (if accepted by users) would bring enhancements to the network, streamlining the overall code and also reducing the reward per block from 3 ETH to 2 ETH.

Chart Analysis - ETH/USD

image

ALT: ETH/USD chart

After testing the key mark at 100, ETH/USD couldn’t sustain higher prices above the bullish trend line and returned below it, trading mostly sideways, with a 0.30% drop for the last 24 hours. The two Exponential Moving Averages are still crossed bearish on a 4-hour chart, but they are beginning to flatten, in agreement with the sideways price action.

The candles are very small, and the RSI is drifting in the middle of its range, further showing that currently the market lacks momentum and doesn’t have a clear direction (albeit it’s obvious that we are in a downtrend from a longer-term perspective).

This type of movement can be considered the calm before the storm and is usually followed by a strong breakout, so although the next direction is hard to anticipate, expect a solid push once the pair breaks free of the range.

Support zone: 83

Resistance zone: 50 EMA and $100

Most likely scenario: tight, range-bound price action; increase in volatility when sideways movement ends

Alternate scenario: drop below 83

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

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  • Joseph Young
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    The so-called “China fever” on crypto like bitcoin has noticeably declined since President Xi’s speech on October 28.

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism
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Contents

Since Chinese President Xi Jinping expressed his support for blockchain technology on October 28, the so-called “China fever” on crypto like bitcoin has noticeably declined.

The price of bitcoin fell from around $10,600 to $8,500 and cryptocurrencies that are known have Chinese development teams such as NEO, Ontology, and TRON have slightly increased over the past three weeks, but not enough to be described as a speculative mania.

Why demand for bitcoin and other cryptocurrencies is not on the rise

Following the newly established vision of the Chinese government to push the development of blockchain technology, expectations for strengthened momentum of the cryptocurrency market rapidly increased.

Initially, such expectations combined preceded an abrupt overnight increase in the price of bitcoin to above a key “psychological level” at $10,000, but the price fell back to “pre-Xi” levels in a relatively short period.

Global markets analyst Alex Krüger said:
“Have mainland China investors increased their demand for bitcoin? BTC volumes quickly dropped back to pre Xi news levels; online searches in China are back down to pre Xi news levels; website traffic for exchanges catering to China barely changed since the news.

The ‘Chinese tokens,’ NEO, ONT and TRX, have all done well since the aftermath of the news, while VET (a supply chain oriented blockchain) has been cruising on China news. Don't think though this is a sign of a ‘speculative fever’ of any kind.”

The analyst emphasized that prior to the statement of President Xi on the focus of China to facilitate the development and implementation of blockchain technology, the penetration of cryptocurrencies in the region was already high.

Also, most mainland Chinese cryptocurrency investors are said to have been trading digital assets through overseas markets like Hong Kong, purchasing stablecoins like Tether with the Hong Kong dollar.

Hence, it is possible that the public already anticipated the government of China to eventually reiterate its plans to encourage blockchain development with the People’s Bank of China (PBoC) consistently stating that its plans for a state-operated digital currency is in the works.

“It is without doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets,” Dave Chapman, BC Technology Group executive director, said.

Is this the end of the Xi-effect?

Some technical analysts have suggested that the upside movement of bitcoin to $10,600 in late October may have not been primarily fueled by the optimism around China’s blockchain development initiative, and that a cascade of short liquidations amidst a build up of sell pressure caused the rally.

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About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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